Morning Briefing: YBR announces new general manager for lending

YBR's Bouris has announced a new general manager for lending (Vow Financial)... Aussie mortgage bonds MIA as cheaper funding choices beckon...

Morning Briefing: YBR announces new general manager for lending
YBR announces new general manager for lending 
Executive chairman Mark Bouris said the new general manager for lending (Vow Financial) will take care of productivity and lending support for Vow Financial’s 1000-plus broker network. 

"Clive Kirkpatrick will drive our FY17 focus on enhancing productivity and profitability specifically focussing on Vow Financial, one of the largest mortgage aggregators in the nation," Bouris said.

"Mr Kirkpatrick's appointment as General Manager - Lending (Vow Financial) completes the new look leadership team managing network productivity across both lending and wealth management divisions." 

Kirkpatrick has close to 30 years of experience in financial services both locally and abroad.
Previously he was head of mortgage broking for St George Banking Group brands. 

 
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Aussie mortgage bonds MIA as cheaper funding choices beckon
(Bloomberg) -- Home-loan providers in Australia are selling mortgage bonds at the slowest pace in four years, flocking instead to cheaper debt that doesn’t require collateral.

Just A$14.8 billion ($11 billion) of new residential mortgage-backed securities have been issued so far in 2016 by banks and other housing lenders, 36 percent less than at this stage last year, data compiled by Bloomberg show. At the same time, unsecuritized borrowing by Australia’s four biggest banks is running at the fastest pace since 2009.

“Because the spreads have been so wide in RMBS relative to senior unsecured, it’s expensive,’’ said Tally Dewan, a securitization strategist at Commonwealth Bank of Australia in Sydney. “They’ve done so much of senior unsecured and subordinated issuance, maybe they haven’t needed as much RMBS.’’

The drop follows moves by the banking regulator to mitigate potential financial stability risks posed by the Reserve Bank of Australia’s decision to slash borrowing costs to a record low, with lenders being urged to tighten standards and boost capital. That’s helped to slow private-credit growth to just 5.4 percent year-on-year, the most muted since 2014.

Mortgage-backed bond issuance by the country’s four biggest banks has halved to A$3.58 billion from A$7.85 billion last year. While Australia & New Zealand Banking Group Ltd. on Monday launched its first RMBS offering in more than a decade, the market’s seen just one deal apiece from CBA and National Australia Bank Ltd. this year, and none from Westpac Banking Corp. since May 2015. Issuance by other banks, building societies and credit unions has also declined to just A$4.12 billion from A$10.4 billion.

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